Concept:Assurance covers events that are certain to happen, while insurance covers uncertain, risk-based events.
Explanation:Insurance protects against events that may never occur, such as fire or accident; these are based on risk and uncertainty.
Assurance, especially life assurance, deals with death, which is an event that must eventually happen.
The main uncertain factor in assurance is the time of death, not whether it will happen.
An assurance company uses mortality tables and probability calculations to estimate when claims will be made.
Therefore, assurance is based on probability rather than on mere possibility, risk, or uncertainty.
Answer:A. Probability